NTL City advisers run up £77m bill

BRITAIN'S largest cable company NTL today declared it had emerged from bankruptcy proceedings 'poised for success in 2003 and beyond'. Chief executive Barclay Knapp said: 'We are very pleased to report that these positive trends will lead to significant net growth in new customers in the first quarter.'

Net losses were cut from $11.8bn (£7.5bn) in 2001 to $2.4bn. But these figures are now historic because they were struck before January's agreement to wipe $10.9bn of debt from NTL's balance sheet. They also took place before the new management team of Simon Duffy as chief operating officer and Scott Schubert as finance officer were in place.

The figures reveal that professional fees for the Chapter 11 bankruptcy proceedings had run up to £77m by the year-end and continued into the first quarter of this year. They also reveal that the group has an £81m pension fund deficit which it will have to address through higher contributions from the company.